As you may have heard, because you’ve read the reports reports or picked up on the Morse code message he’s blinked out during every appearance on CNBC or he threw himself on the hood of your car and screamed “Get me outta here” the last time you drove up to the Treasury building, Tim Geithner is ready to say good-bye to Washington. Has been for some time, in fact, but previous requests to go home were all denied. Now that his bosses are supposedly going to allow him to leave in the event Obama is reelected, many are wondering what will be next for TG. Despite having spent the majority of his career in public service and giving the impression that he has no desire to work for Wall Street, Bloomberg is thinking that with the albatross that is his unsellable Larchmont house around his neck, a family, and college tuition to pay, Geithner may not have a choice.
The years in public service — particularly engaging in diplomacy with domestic and foreign partners — left a deep impression on Geithner, infusing him with a sense of purpose that he might find lacking on Wall Street…Yet the years in civil servitude have also left Geithner in need of a better salary. Geithner is one of the least wealthy men to head the Treasury Department in recent years. He took more than a 50 percent pay cut to assume the job. His $199,700 salary is higher than the $174,000 earned by most members of Congress. His pay has been increased by $8,400 in three years, yet his net worth pales next to such predecessors as Hank Paulson and Bob Rubin. With two mortgages and two college-age children, the lure of private-sector money could be hard to resist. BlackRock’s Fink, for instance, received $23.8 million in salary and stock in 2011, making him No. 1 in the Finance 50, Bloomberg Markets’ annual ranking of the best-paid CEOs at the largest U.S. financial companies.
Other ideas Bloomberg has for ways Geithner can make ends meet that he’s already said no to include writing a memoir. He “publicly ruled out” doing so in September, but they’re pretty sure he’ll reconsider after the guy he hired to patch up his roof tells him the whole thing needs to be replaced.
What’s Next For Tim Geithner [Bloomberg]
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